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Miloslav Ciz 2023-03-24 23:36:57 +01:00
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@ -23,7 +23,7 @@ But how do we know which one is the "official" blockchain? Can't just people sta
Can't people just forge transactions, e.g. by sending out a record that says someone else sent them money? This can be easily prevented by [digitally signing](digital_signature.md) the transactions, i.e. if there is e.g. a transaction "A sends 1 coint to B", it has to be signed by A to confirm that A really intended to send the money. But can't someone just copy-paste someone else's already signed transactions and try to perform them multiple times? This can also be prevented by e.g. numbering the transactions, i.e. recording something like "A sent 1 coin to B as his 1st transaction".
But where are the coins of a person actually stored? They're not explicitly stored anywhere; the amount of coins any participant has is deduced from the list of transactions, i.e. if it is known someone joined the network with 0 coins and there is a record of someone else sending him 1 coin, it is clear he now has 1 coin. For end users there are so called **wallets** which to them appear to store their coins, but a wallet is in fact just the set of cryptographic keys needed to perform transactions.
But where are one's coins actually stored? They're not explicitly stored anywhere; the amount of coins any participant has is deduced from the list of transactions, i.e. if it is known someone joined the network with 0 coins and there is a record of someone else sending him 1 coin, it is clear he now has 1 coin. For end users there are so called **wallets** which to them appear to store their coins, but a wallet is in fact just the set of cryptographic keys needed to perform transactions.
But why is blockchain even needed? Can't we just have a list of signed transactions without any blocks? Well, blockchain is designed to ensure coherency and the above mentioned consensus.